Senator Susan Collins Visits Johnny's Selected Seeds

Maine Senator Susan Collins visited the Research Farm of Johnny’s Selected Seeds to honor the
company’s nearly four decades of being a world-renowned resource for quality
vegetable, herb, and flower seeds and high-quality tools.

The Senator, along with Maine State Senator Thomas Martin
(R)-Senate District 25, toured Johnny’s
breeding and trial fields and saw a demonstration of a slucing machine used to
extract seeds from tomatoes, peppers, cucumbers, and melons prior to drying,
inspecting and packaging. Following the tour, Senator Collins made brief
remarks to employees at the farm.

“Companies like Johnny’s Selected Seeds exemplify the best
of what Maine
businesses are known for—innovative technology, outstanding products, and
employees that genuinely care about their customers,” said Senator Collins. “I
am also thrilled to acknowledge the milestone of Johnny’s becoming a 100%
employee-owned company. I am a big supporter of Employee Stock Ownership
Plans. There are more than 11,500 ESOP
companies throughout the country, and these companies are among America’s
most energetic and productive job creators.

“In late 2010, the Department of Labor proposed a rule that
would expand the definition of “fiduciary” under ERISA to include ESOP
appraisers. This would have roughly
quadrupled the average cost of ESOP valuations.
When this was brought to my attention, I spearheaded a letter to Labor
Secretary Solis expressing my concern about the proposed rule. I also
co-sponsored legislation offered by Senator Ayotte that would have protected
ESOPs from the rule. I am pleased to
report that several months following my letter the DOL withdrew that proposed
rule. Finally, I have cosponsored
Senator Snowe’s bill to promote ESOP plans. This bill will allow deferral of
the capital gains tax from the sale of an employer’s stock to an S
corporation-sponsored ESOP, and allow ESOPs to qualify for SBA loans,” continued
Senator Collins.

The Senator concluded her remarks by noting the
contributions of Rob Johnston, Jr., the company’s Founder and Chairman. “Rob’s
vision for Johnny’s Selected Seeds has certainly come true. Under his guidance,
Johnny’s grew to having 130 full time employees and a loyal following of
thousands of customers worldwide. This is a great accomplishment for Rob, the
employees of Johnny’s, and for the State of Maine.”

The mission of Johnny’s Selected Seeds—to help
families, friends, and communities feed one another by providing superior
seeds, tools, and information—is lived by the employees every day. In 2006, a
plan was put in place for the company to become employee owned, with the
intention of the ESOP Trust owning 100% of the shares by 2016. The company was
able to accelerate the timetable considerably and become wholly employee owned
in July of this year

This press release is presented without editing for
your information. MOTHER EARTH NEWS does not recommend, approve or endorse the
products and/or services offered. You should use your own judgment and evaluate
products and services carefully before deciding to purchase.

Lighten the Strain on the Earth and Your Budget

MOTHER EARTH NEWS is the guide to living — as one reader stated — “with little money and abundant happiness.” Every issue is an invaluable guide to leading a more sustainable life, covering ideas from fighting rising energy costs and protecting the environment to avoiding unnecessary spending on processed food. You’ll find tips for slashing heating bills; growing fresh, natural produce at home; and more. MOTHER EARTH NEWS helps you cut costs without sacrificing modern luxuries.

At MOTHER EARTH NEWS, we are dedicated to conserving our planet’s natural resources while helping you conserve your financial resources. That’s why we want you to save money and trees by subscribing through our earth-friendly automatic renewal savings plan. By paying with a credit card, you save an additional $5 and get 6 issues of MOTHER EARTH NEWS for only $12.00 (USA only).